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1 March, Monday

Ufa   °

Russian government will allocate funds to pay off interest on education loans

Economy/Business

16.5 million rubles will be allocated from the Government of Russia's reserve fund to support the issuance of education loans at a fixed rate of 3% per annum.

The Ministry of Education and Science of Russia subsidizes 13.5 thousand student borrowers and will reimburse them for the difference between the general established and preferential rate in the loan agreement.

Prime Minister Mikhail Mishustin signed the order.

Vladimir Putin instructed to make education loans more affordable in June 2020. Already in August, a government decree was approved, which fixed the rate on such loans at 3%. Previously, it exceeded 8% per annum.

The decree also extended the grace period when the borrower does not need to pay the principal debt, from 3 to 9 months from the date of graduation. This amendment was adopted so that graduates had time to find suitable work without experiencing an excessive financial burden.

The student loan's maturity date was increased from 10 to 15 years after the end of the grace period to reduce the sum of monthly payments.

/translated by Tatiana Aksyutina
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